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Popular Word Problems >

Isaiah invests 2,975 in a retirement account with a fixed annual interest rate of 3% compounded 12 times per year. What will the account balance be after 13 years?

Solução

I s aiah in v es t s 2, 975 in a re t i re m e n t a cco u n t w i t h a f i x e d ann u a l in t eres t r a t e o f 3% co m p o u n d e d 12 t im es p er ye a r . Wha t w i ll t h e a cco u n t ba l an ce b e a f t er 13 ye a rs ?

Solução

Amount : 4391.88

Passos da solução

Translate the problem into an equation:

A = 2975 (1 + \frac{0.03}{12})^{12 \cdot 13}

2975 (1 + \frac{0.03}{12})^{12 \cdot 13} = 4391.87986 \dots

Round to the nearest hundredth:

4391.88

Amount : 4391.88

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